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Do you have a gift card or two that you think you won’t be using? You could now make money selling it online.
You could make even more money buying and selling other people’s gift cards … although it can be a bit risky. Here’s how.
Why should you sell your gift cards?
Did you know that around 20% of gift cards are never used? What a waste of money!
The UK public may have thrown away nearly £ 500m in unspent gift cards over the past year, according to Cardyard, the gift card reseller platform. It’s like throwing away huge 50 pound bundles!
Most of the time, we waste gift cards because they run out before we can use them. Around 6% of all gift cards are wasted through loss or expiry each year, which averages over £ 15 for each working-age adult.
This year it was more difficult to use some gift cards with so many places closed.
Now that the UK is opening up again (little by little), many people will have a gift card or two in their wallets.
In this case, we recommend that you spend these as soon as possible – even if it turns out to be a gift for someone else later – as we don’t know if all stores are still in business. We have seen some big names fall by the wayside. Who knows which one will be next?
Another way to get the most out of your gift cards is to sell them to someone else for cash. You may not get the full amount back, but at least there is cash in your pocket to use wherever you want.
So here are MoneyMagpie’s top tips for flipping or reselling your gift cards.
where and how to resell your gift cards
One way to make some extra cash on unused cards is by using resale platforms. As mentioned above, Cardyard is one of the most popular websites out there.
Cardyard is a good place to sell or exchange your gift cards. In fact, swapping can be a really great way to get the most out of your gift card. If you have a £ 20 coupon to Monsoon that you don’t want, but someone else has a £ 20 coupon to John Lewis that they don’t want, you can swap and they’ll both get £ 20 for something that You really want.
However, if you don’t see a gift card to trade in, selling your card will put some cash in your pocket.
Cardyard will resell gift cards with a remaining term of at least 3 months to expire. In fact, many good retailers offer to extend the life of a gift card if you couldn’t redeem it due to COVID. Even if your gift card has an expiration date this year, you can renew it first, letting buyers know they have time to spend.
Even if your gift card has been partially used, you can sell it on the platform.
how to use cardyard
- Enter your card details in the calculator at the bottom of the home page.
- Add the value in the shop / restaurant, regardless of whether it is an e-voucher or paper
- See how much you could get if you sold it for cash or got a loan. You will normally get more for credit, of course, but then you have to remember that you will use it to buy someone else’s card later!
- When you’re happy with the amount (for cash or credit) accept it and put your card in the mail (or email if it’s an e-voucher).
Cardyard is also handy for buying gift cards at a discount.
Take a look at the “Buy Gift Cards” section and you’ll see gift cards for Argos, MAC, Uber, and more.
You can either buy some of these for yourself and give yourself an instant discount when you spend them, or buy them as gifts for others, making you look more generous than you are!
Other places to sell your gift cards
You don’t have to stick to a gift card sales platform. You can also use the usual resale platforms to make money from your gift card:
- Facebook marketplace
- Rubber tree
… are all good places to sell your gift card. With these, of course, you’d be selling straight to the public so you might have to wait a while to get a sale.
Also, when buying, you need to put extra effort into verifying that what is being sold is genuine to avoid loss or potential scams.
However, one really handy aspect of selling gift cards on these platforms is that you have minimal postage costs, so you can make a big deal with free shipping!
You can also sell gifts that you receive through credit card rewards, codes through loyalty programs, or cashback rewards.
Turn over the gift card
If you have the time, you can make money flipping gift cards on a regular basis.
Flipping gift cards works similarly to flipping other products:
- You are buying something for less than face value
- Then you make a profit on reselling.
If you’re getting a tough bargain, you might be able to buy a £ 50 gift card for a shop for £ 40 and then resell it for £ 45. This would mean a profit of € 5 for you.
If the seller received the gift card for free, they would pocket the full £ 40.
The main challenge is looking for discounted or free cards that can be in different locations. Visit eBay, Facebook Groups, Gumtree, and the others above and search them for gift cards daily. Offer the sellers a discounted price on their cards. If you’re looking for a deal, buying gift cards for your friends at a discounted price could also be a great option. Some of them will only try for a quick sale then you can either sell them on Cardyard or one of the other resale sites for more.
Tips on how to get the most out of gift card sales
As with anything, there are some pitfalls in buying and selling gift cards. Here are the ways you can make profits in relative safety:
- Use gift cards quickly
- Check the expiration date. Some gift cards are surprisingly short-lived.
- Avoid Fraud: Never give gift card information over the phone to anyone who claims to be with the police, utility, government, or other third party. These agencies do not accept gift card payment
- Keep your cards in a safe place. Remember, they are effectively money.
- Leave the scratch off material on the PIN number on the back of the card until you can use the card
- Use services that check a gift card’s balance before selling it
- Use the exchange of gift cards with buyer guarantees that are valid even after receiving your card
- Read the fine print. Make sure there are no additional fees for gift cards
Disclaimer: MoneyMagpie is not a licensed financial advisor, and therefore the information contained herein, including opinions, comments, suggestions, or strategies, is for information, entertainment, or educational purposes only. This should not be viewed as financial advice. Anyone considering investing should do their own due diligence.